The global mining equipment tire market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). The growing metals & mining industry is one of the major factors driving the growth of the global mining equipment tire market. According to the data published by India Brand Equity Foundation (IBEF), as of 2021, the number of reporting mines in India is estimated at 1,229 of which reporting mines for metallic minerals were estimated at 545and non-metallic t 684. Moreover, coal production stood at 715.95 million tonnes in 2021. Between April 2021 and October 2021, coal production in India registered for 379.59 million tonnes. Further, iron ore production in the country accounted for 189 million tonnes in 2021. According to the Director-General of Commercial Intelligence and Statistics, in FY22 (until August 2021), iron ore exports reached$ 2.23 billion. Thus, the growth in the mining and metal industry is anticipated to fuel the demand for the global mining equipment tire.
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Looking toward the demand for the mining equipment tire, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in May 2021, Michelin launched XDR 250+ tire for 250-ton haul trucks with improved wear and tear resistance. The XDR 250+ is available in a 50/80R57 size, the Michelin stated that XDR 250+ increased tire life by 8.0% for MB4 and MB compounds. The Michelin multilayer technology provides optimized wear on the front and rear axles. Thus, with an optimized patch, there is increased aggression resistance due to lower tire pressure for the same load capacity. Further, in September 2021, BKT launched Earthmax SR 46 for dump trucks operating at mines. The Earthmax is available in 33.0 R 51 size, with a diameter of over three meters weighing up to 2,400 kg. This is specifically designed to transport heavy loads, due to its high level of resistance. Thus, such launches are anticipated to drive the growth of the global mining equipment tire market during the forecast period (2022-2028).
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Continental Tire the Americas, LLC, Trelleborg AB, Michelin, and Hankook Tire & Technology Co., Ltd., among others
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Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Mining Equipment Tire Market Report by Segment
By Type
- Pneumatic
- Solid
- Polyurethane
By Application
- OEM
- Aftermarket
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